Category: Business

Does Your Business Need a Cryptocurrency License?

Surety Bond Professionals is a family owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your surety bond needs. What Is Cryptocurrency? A cryptocurrency is an encrypted data string that denotes a unit of currency. It is monitored and organized by a peer-to-peer network called a blockchain, which also serves as a secure ledger of transactions (e.g., buying, selling, and transferring). There are a number of different cryptocurrencies, of which Bitcoin is the most widely traded. How Is Cryptocurrency Regulated? In the United States, businesses that want to trade in cryptocurrency must obtain a crypto license from the Financial Crimes Enforcement Network (FinCEN) before they can operate a cryptocurrency exchange or trading platform. Other countries have their own regulatory requirements for businesses trading in cryptocurrency. Certain states also have state-level regulations governing trading in cryptocurrencies, which require businesses to obtain a state license as a condition for operating a cryptocurrency exchange or trading platform. New York’s regulatory framework is called BitLicense. Some states exempt individuals and small cryptocurrency exchanges from crypto licensing. And some states have not yet...

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By SEO Team

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U.S. Money Transmitter and Cryptocurrency Transmitter Laws

Surety Bond Professionals is a family owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your surety bond needs. Federal Registration of Money Transmitters In the United States, money transmission is heavily regulated at the federal level because of the risk of fraud and other criminal activity. The federal regulations governing money transmission apply to all money transmitters, whether actual or virtual funds being exchanged. All money transmitters must register with the U.S. Department of Treasury using the BSA E-Filing System. Specifically, they must file an electronic Registration of Money Service Business (RMSB) using FinCEN Form 107. A copy of the filed registration form must be retained in a U.S. location for five years, with annual updates to the estimate of business volume, ownership information, and a list of the business’s agents. Federal law also requires that money transmitters obtain any necessary state licenses. State Licensing of Money Transmitters Under federal law, money transmitters must be licensed in every state where they operate. Only one state, Montana, does not license money transmitters at all. However, some states with...

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By SEO Team

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Cryptocurrency Regulations by State

Surety Bond Professionals is a family owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your surety bond needs. Widely Varying Cryptocurrency Laws The United States is a patchwork quilt regarding state-level regulation of the cryptocurrency business. Some states have clearly stated that businesses operating cryptocurrency exchanges must be licensed as money services businesses (MSBs) or money transmitters. Some states are less definitive on the subject, but it is probable that cryptocurrency businesses operating in them will need to be licensed. Still, other states are unlikely to require licensing of a given cryptocurrency business. And Montana does not require money transmitters to be licensed at all, regardless of the type of currency transmitted, real or virtual. Bear in mind that state laws are subject to change over time. It’s reasonable to expect that states that have yet to clarify their position on cryptocurrency may do so in the months and years to come, resulting in new or amended regulations in those states. States Requiring Licensing of Crypto Transmitters The following states explicitly define businesses that transmit cryptocurrency as...

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By SEO Team

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To Bond, License and Insure?

Starting your own construction business can sometimes be a leap of faith. But that faith in your business is stronger if you learn about the industry.  For example, it is important to know the benefits of being a licensed, bonded and insured construction company. Why should I be licensed and apply for permits? The simple answer is for protection, for you and your customers. It may be easier to cut corners and not apply for permits or licenses. But, if you want to have a long standing and respective business, licenses and permits are the way to go. First, you will need a general business license.  Beyond that, it is important to check with your local government and state offices to see which other license you may need. Permits are important because they help you to maintain valid parameters. By pulling a permit, you have sought the approval of your local government offices to perform the work that your customer wants. What about insurance, do I need insurance? How many insurances you need depends on the work you perform. If you directly employ workers, then you will need an insurance to protect yourself. If you drive your truck for...

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By M L

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Surety Bonds and Insurances: Are They the Same?

There are many who confuse surety bonds with insurances, as they are both a means to protect finances.  But, in their execution of this goal, they serve different purposes.  Confusing the two or using them interchangeably can stop your business from growing.  In the world of construction, constructions projects may require a surety bond.  With that in mind, the public construction sector is always building and is a good avenue for a contractor to grow their business.  And even many private sector construction jobs require surety bonds.  Having a knowledgeable surety bond producer can help you to grow your business.  Consider them an important tool in your tool box.  Here are some important things to know: A surety bond is a contractual agreement between the project owner or client, the contractor or business and the surety bond producer. The surety bond producer ensures that they have vetted the business and that they are financially sound.  If the business owner does not fulfill the contractual obligations, then the client can file a claim.  If found to be in default of the contract, the client will then receive financial compensation. Surety bonds and insurances are NOT the same thing. Therefore, when...

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By M L

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Surety Bonds and Insurances, Working Together

We have recently rolled out a program to partner up with insurance agents to get their clients the best surety bonds in the industry. So why should YOU work together, as an insurance agent, with Surety Bond Professionals? Well, we’re glad you asked! We offer access to the best carriers. We have been in the field for over 25 years. This has allowed us to form respectful relationships with many surety companies. This puts us in a position to work out deals for difficult-to-place bonds. This translates into better terms, more capacity and better rates for YOUR clients! We pay the highest commissions. We want your business and know you work hard. Thus, we share 30-40% of the premium with you for referrals on ALL bonds your accounts bring in. We treat you and your clients with the utmost respect. Clients, prospects and partners should be treated well. We value our “business family” and consider every one of them to be a part of it. So you can be ensured that you and your clients are in the best care in the business! Much of business is about relationships. The people you work with on a daily basis are...

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By M L

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A Quick Guide to Surety Bond Terms

Once you have made the decision that a surety bond can help grow your business, knowing the basic construction surety bond terms can help to expedite the application process.  And, it also helps to know which bond you will need for specific parts of the project.  Yet, if looking for a more comprehensive description, our other blogs on the topic can help. What is a Bid Bond? A project owner may require this bond when bidding for a job.   Usually needed in public construction projects, it ensures that the bidder is able to complete the job at their proposed bid. What is a Payment Bond? This bond protects those associated with the jobs.  This may include other contractors, subcontractors, laborers and material suppliers. What is a Performance Bond? This ensures that the job will be completed as per the contractual stipulations. What is an Ancillary Bond? Not used as often as the previous bonds, this bond covers specifications not mentioned in the contract.  For example, stylistic elements. What is a Subdivision Bond? A project owner may require this bond to cover such projects as replacing a sidewalk or sewer system. These five terms can help you to decide which...

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By M L

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Business Service Bond – Apply Now

The U.S. service sector is a growing industry and has expanded over the last decade.  A service industry includes any form of outsourcing, such as human resources, IT, leadership development, home cleaning services, in home personal care, etc.  If a company outsources, it is important that they protect themselves from any form of negligence or fraud. Benefits of Bonding So what are the benefits of requiring a bond for a business that you work with?  The first is to protect yourself from liability due to an employee committing fraud when dealing with a customer.  Another reason, is that you give your customers added assurance by letting them know that your employees or the businesses that you work with are bonded, which could potentially bring in more business.  If a business is taking the extra steps to protect their customers, it helps to build a positive reputation.  In comparison to a standard fidelity bond, a business services bond protects for on-premises incidences. Summary: The service sector is growing exponentially.  Therefore, many businesses are  hiring additional outside employees to continue providing their business’ services to their customers. A business services bond provides protection against any sort of fraudulent or negligent work by...

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By M L

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Does Buying a Surety Bond Really Matter for Your Business?

Although surety bonds are becoming more common in society, many people are not familiar with them. Yet, surety bonds are an important safeguard and/or necessity for many business owners, companies, federal and state government agencies. Bonds can play a very crucial role in business. They can protect a business and create trust when dealing with prospective clients. Bonds are a legal requirement by states for various industries. What is a surety bond? A surety bond is an agreement between three parties: the principal, surety and obligee. The surety provides a financial guarantee to the obligee (i.e. a government agency) that the principal (business owner) will fulfill any contractual obligations. The purpose of a surety bond is to guarantee a principal’s integrity, performance and financial responsibility. The main purpose of a surety bond is to make sure that the obligee will perform their contractual obligations. It also guarantees compliance with a law or contract For instance, a small contractor renovating a living room, does not finish the job according to the contract.  Or maybe they fail to abide by the state laws and regulations.  In both cases, they can have a claim filed against them by the consumer, asking or demanding...

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By M L

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